USD/JPY Also Jumps On Good EU GDP Data

By IBT Staff Reporter On 09/06/11 AT 5:56 AM

USD/JPY Open 76.90 High 77.56 Low 76.68 Close 76.88

On Monday Dollar/Yen traded within narrow 30 pip range, not matching the negative Interbank sentiment at under -48%. The currency couple appreciated from 76.68 to 76.98 yesterday, closing the day at 76.88. This morning the Dollar jumped against the Yen, reaching up to 77.56. On the 1 hour the trading is still caught in a range, while on the 3 hour chart the downward channel has turned into quiet trading. Break above today's top and nearest resistance 77.56 would encourage further recovery of the Dollar. Immediate support is yesterday's bottom at 76.68, and consistent break bellow it could strengthen the Yen further down towards next target 75.80. There are no major economic events for Japan today. Quotes are moving above the crossed and close 20 and 50 EMA on the 1 hour chart, indicating bullish pressure. The value of the RSI indicator is positive and declining, MACD is positive and inclining upwards, while CCI has thinly crossed up the 100 line on the 1 hour chart, giving overall long signals. Technical resistance levels: 77.56 78.42 79.27 Technical support levels: 76.68 75.80 74.94

Already made +11 pips profit on USD/JPY today from the following sent to clients only signal: 5:27 GMT+1 Sell USD/JPY at 76.82 SL 77.08 TP 76.32, exit sent at 8:01 GMT+1. Total today +124, yesterday +168, as shown in details at http://www.zifx.com/performance.php.